TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, March 22.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a strong session with all three major averages closing at record highs for the second straight day. This optimism came after Fed Chair Jerome Powell signaled interest rate cuts in 2024. Markets are pricing in a 60 percent chance that the Fed makes its first rate cut in June.
In other news - home sales increased far more than expected in February. According to the National Association of Realtors, existing home sales rose 9.5 percent from January, with 4.38 million units being sold, despite the shorter month. It’s the second consecutive month of increased sales - and the largest month-to-month increase in 12 months.
The rise in sales comes despite housing prices remaining high. The N-A-R reported the median price of an existing home was $384,500 in February - a 5.7 percent year-over-year increase. Of the new data - the NAR’s chief economist wrote quote “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”
Total housing inventory jumped 5.9 percent from January to February - and is up more than 10 percent from February 2023. However, mortgage rates saw an increase after two weeks of declines - they stand at 6.87 percent, and economists don’t see them dropping below 6 percent in 2024.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
